Croatia: Economy slows in third quarter
August 29, 2011
In the third quarter, GDP grew 0.6% over the same quarter last year, based on preliminary estimates released by the Croatian Bureau of Statistics on 25 November. The print represented a slightly deceleration from the 0.8% expansion seen in the first quarter, but was below last month's Consensus Forecast that had the economy growing 1.3%. Croatia, which is recovering from a two year recession, benefited from strong growth in merchandise exports (Q1: +0.4% year-on-year in USD terms; Q2: +17.5% yoy) and a rebound in industrial production (Q1: -3.6% yoy; Q2: +1.0% yoy) as well as in retail sales (Q1: -0.4% yoy: Q2: +1.8% yoy). Tourism also contributed to the GDP expansion, as new tourist arrivals jumped 12.1% in the first six months of the year. Full details of the national accounts data will be published on 20 September.